Factors propelling the Small Animal Imaging Market
By 2021, the global small animal imaging market is expected to reach USD 910.4 million, with a CAGR of 6.2 percent over the forecast period. Technological breakthroughs in the field of molecular imaging, rising market demand for non-invasive small animal imaging techniques, and an increase in the number of public-private initiatives to assist preclinical research are all driving the market. Emerging markets like China and India are also providing fresh growth prospects for established industry participants.
However, the market expansion is being hampered by factors such as the rigorous regulatory framework that controls preclinical research and the high installation and operational expenses associated with preclinical imaging modalities.
Emerging markets (such as China and India) are presenting significant growth potential for small animal imaging companies. Continuous government support for pharmaceutical and biotechnology R&D, rising public-private investments in radioisotope production, an increase in translational research activities, and an evolving regulatory scenario across major Asian countries are all driving demand for small animal imaging procedures. Leading market companies are growing their presence in these emerging nations through collaborations with local market players and suppliers in order to take advantage of the significant growth potential.
PerkinElmer Inc. (US) was the market leader in the global small animal imaging market in 2015. To maintain its market supremacy during the last three years, the corporation has used new product launches, product upgrades, and regional expansion as important business tactics. Other notable competitors in the market are Bruker Corporation (US), FUJIFILM Holdings Corporation (Japan), Mediso Ltd. (Hungary), MILabs B.V. (Netherlands), MR Solutions Ltd. (UK), Aspect Imaging (Israel), LI-COR Biosciences (US), Trifoil Imaging (US), and Miltenyi Biotec GmbH (Germany).
The global market is being propelled forward by a number of factors, including technological advancements in the field of molecular imaging, rising market demand for non-invasive small animal imaging techniques, and an increasing number of public-private initiatives and funding to support preclinical research. However, considerable installation and operational expenses associated with preclinical imaging modalities, as well as a tight regulatory framework that controls preclinical research, are some of the primary challenges limiting the market's growth. Furthermore, the technological and operational restrictions associated with isolated systems pose a significant hurdle for businesses in this industry.
The global small animal imaging market is divided into two major categories based on products: modality (optical imaging systems, nuclear imaging systems, MRI systems, Ultrasound systems, CT systems, photoacoustic imaging systems, and magnetic particle imaging systems) and reagents (optical imaging reagents, nuclear imaging reagents, MRI contrast agents, ultrasound contrast agents, and magnetic particle imaging systems). Because of the widespread use of small animal imaging in preclinical research, the high cost of preclinical imaging systems, and the development and commercialization of technologically advanced preclinical imaging technologies, the modalities segment is expected to grow at a faster CAGR in the next five years.
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